Non-OPEC oil supply is expected to average 59.54 million barrels per day in 2018, OPEC said in its July Oil Markey Report (MOMR).

“Non-OPEC oil supply growth in 2018 was revised up by 0.18 million barrels per day from the previous MOMR to average 59.54 million barrels per day, representing an increase of 2 million barrels per day year-on-year,” said the report.

The main reason for this upward revision was an upward adjustment for the US supply forecast, along with potentially higher supply from Russia in 2H18, said the cartel…